Hey All,My mortgage broker got back to me with three options for our fee summary and amortization schedules.Option 1: Interest rate: 3.875%Lender credit: $340.52Total cash from borrower: $7,082.68Total monthly payment: $934.36APR: 5.276%Option 2:Interest rate: 4.000%Lender credit: $875.45Total cash from borrower: $6,552.67Total monthly payment: $942.82APR: 5.395%Option 3:Interest rate: 4.125%Lender credit: $1,342Total cash from borrower: $6,091Total monthly payment: $951.34APR: 5.513%I'm initially inclined toward the lowest interest rate, but given that I can write the mortgage interest off (up to 1mil), is it better to take to larger lender credit?

Only thing I can think of is that they have a property with equity and they are going borrow against it.

Borrowers have long memories.

We are currently completely debt free and have been told we would be in great shape for the amount we want to borrow if we wanted to stay here.

If a borrower defaults they want to be able to seize the property as quick as possible and laws regarding personal home ownership make that more difficult.Why does this property not fall within the guidelines, needs repairs, or??

We can help you as we do refinancing.. contact me for full information.Our programs work great for rehab to rent strategies as we can refinance the borrower out of a high interest balloon payment loan for a better rate and term to hold the property long term.

@Jay Hinrichs - As long as this side agreement does not violate the terms of the mortgage the borrower puts in place.

I've heard that after you've proven that you have received rental income for 2 years or more (as proven by tax returns and claiming rent) that lenders can start to look at you a little differently with regards to your personal income being less of a factor when it comes to qualifying you as a borrower,.

I love vetting tenants, vetting borrowers, vetting deals.

I know that the borrower has up to six months to redeem (the property is less than 20 acres).